Dennis Uy's expanding Chelsea Logistics Corp (CLC) has posted a quadrupling of profit in the first nine months of 2017.
The tanker and ferry group - the biggest shipping company in the Philippines - said net earnings were PHP 405.7m ($8m) after it bought into passenger and freight operator 2Go.
This is up from PHP 102m a year ago, according to the Rappler website.
"Our investments into better shipping and logistics continued to yield results and create more value for our investors, business partners and other stakeholders," president and chief executive officer Chryss Alfonsus Damuy said.
Revenue rose 9% to PHP 2.3bn, from PHP 2.11bn. Freight revenues jumped 43% year-on-year to PHP 646.4m.
Charter fees declined after it changed contracts relating to two tankers, it added.
CLC carried out a $116m IPO in July, pledging to expand the fleet with tankers and passengerships.
It has since bought Starlite Ferries and Worklink Services.
Starlite is listed with 15 ships, of which five are new ro-paxes built in Japan in 2016 and 2017.
Before these deals, the CLC group, through Chelsea Shipping, Trans Asia Shipping and 2Go, had a fleet of 57 tankers and ro-paxes.
